Published On: Wed, Oct 9th, 2019

Inheritance tax should be abolished! ‘Doesn’t the state take enough off us?!’ – poll | Personal Finance | Finance

Chancellor Sajid Javid has hinted that the often criticised tax could be scrapped in the upcoming Budget – and readers fully back such a stance. The tax is paid on assets (property, money and possessions) left when someone dies. The standard Inheritance Tax rate is 40 percent on anything about the £325,000 threshold but if everything is left to a spouse, civil partner, charity or a community amateur sports club, there there is normally no inheritance tax to pay.

In 2017-2018, the Treasury raked in £5.2billion from Inheritance Tax, and this rose to £5.4billion in 2018/19.

This 2019/20 financial year the tax take is expected to break all records with a projected £5.6billion taken from grieving families.

As a result, readers were asked if they agreed such a tax should be taken after a person dies.

The poll, which ran from 2.30pm to 8pm on October 9, asked: “What do you think should happen to Inheritance Tax?”

The vast majority of the 3,920 people (3,177 – 82 percent) who responded voted to “scrap it”.

A further 11 percent (447 people) opted for decreasing the tax paid.

296 people (seven percent) voted to increase it. readers have hit out at the “iniquitous tax” and called for it to be abolished.

READ MORE: Inheritance Tax receipts rise to £5.4 billion: 3 simple steps to take

One person wrote: “Scrap it. We’ve already paid tax on our income.

“Why should we pay it again?”

Another said: “Of course it should be scrapped, it’s got to be the most disgusting tax ever thought up by any greedy Government and we’ve had plenty of them over the years.

“After working all your life and paying your taxes on everything from wages to savings, who could ever think that taxing someone because they’ve died was in any way a good idea?”

A third wrote: “It should be abolished, together with the rule requiring those needing care to sell their houses, because in both cases the wealth should remain in the families of those that worked for it, paid for it, and have already paid tax on it once.”

Another said: “Its an iniquitous tax based on envy and hate!

“Doesn’t the state take enough off us!”

Last week, Chancellor Sajid Javid hinted he could scrap Inheritance Tax in the upcoming Budget, which will take place before the end of this year.

Speaking at a Conservative Party conference fringe event organised by the Institute of Economic Affairs and the Taxpayers’ Alliance, he was asked if he would scrap Inheritance Tax.

Mr Javid replied “sensible reforms” had already been made, adding: “I shouldn’t say too much now but I understand the arguments against that tax.

“You pay taxes already through work or through investments and your capital gains in other taxes, there is a real issue with then asking them, on that income, to pay taxes all over again.

“Sensible changes have already been made but it’s something that’s on my mind.”

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